Stock Buyback Plan Authorized by Amalgamated Financial (NASDAQ:AMAL) Board of Directors

Amalgamated Financial (NASDAQ:AMAL) declared that its board has approved a share repurchase program on Monday, March 10th, RTT News reports. The company plans to buyback $40.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 4.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms recently commented on AMAL. Keefe, Bruyette & Woods raised their price target on shares of Amalgamated Financial from $41.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Piper Sandler lowered shares of Amalgamated Financial from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $42.00 to $38.00 in a research report on Friday, February 21st.

Amalgamated Financial Price Performance

Amalgamated Financial stock traded down $1.16 during trading hours on Monday, reaching $28.33. 273,461 shares of the stock were exchanged, compared to its average volume of 242,844. The company has a market cap of $868.85 million, a P/E ratio of 8.21 and a beta of 0.93. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.10. Amalgamated Financial has a twelve month low of $21.33 and a twelve month high of $38.19. The stock has a 50 day moving average of $34.06 and a two-hundred day moving average of $33.72.

Amalgamated Financial (NASDAQ:AMAL) last announced its quarterly earnings data on Thursday, January 23rd. The company reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.03. Amalgamated Financial had a net margin of 24.50% and a return on equity of 16.49%. Equities analysts expect that Amalgamated Financial will post 3.65 EPS for the current fiscal year.

Amalgamated Financial Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 27th. Stockholders of record on Tuesday, February 11th were paid a $0.14 dividend. This is an increase from Amalgamated Financial’s previous quarterly dividend of $0.12. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.98%. The ex-dividend date of this dividend was Tuesday, February 11th. Amalgamated Financial’s dividend payout ratio (DPR) is presently 16.23%.

Insider Activity

In other news, EVP Tyrone Graham sold 3,317 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $30.50, for a total value of $101,168.50. Following the sale, the executive vice president now directly owns 11,449 shares in the company, valued at approximately $349,194.50. This trade represents a 22.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder States Regional Joint Western sold 18,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $34.27, for a total transaction of $616,860.00. Following the completion of the sale, the insider now owns 7,167,816 shares in the company, valued at approximately $245,641,054.32. The trade was a 0.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,916 shares of company stock worth $1,035,526. Corporate insiders own 0.90% of the company’s stock.

Amalgamated Financial Company Profile

Amalgamated Financial Corp. operates as the bank holding company for Amalgamated Bank that provides commercial and retail banking, investment management, and trust and custody services for commercial and retail customers in the United States. The company accepts various deposit products, including non-interest bearing accounts, interest-bearing demand products, savings accounts, money market accounts, NOW accounts, and certificates of deposit.